National Consumer Credit Protection Act 2009
Note:
See section 3 of the National Credit Act.
PART 4 - CHANGES TO OBLIGATIONS UNDER CREDIT CONTRACTS, MORTGAGES AND GUARANTEES Division 1 - Unilateral changes by credit provider 64 Interest rate changesNotification of interest rate changes
64(1)
A credit provider must, not later than the day on which a change in the annual percentage rate or rates payable under a credit contract takes effect, give to the debtor written notice setting out:
(a) the new rate or rates or, if a rate is determined by referring to a reference rate, the new reference rate; and
(b) any information required by the regulations.
Criminal penalty: 100 penalty units.
Notification by publication
64(2)
Notice under subsection (1) may be given by publishing the notice in a newspaper circulating throughout each State and Territory. A credit provider that gives notice in accordance with this subsection must give to the debtor particulars of the change before or when the next statement of account is sent to the debtor after the change takes effect.
Criminal penalty: 100 penalty units.
Changes in reference rates
64(3)
Subsection (1) does not apply to a change in a rate that is determined by referring to a reference rate if the changed reference rate is notified (whether or not by the credit provider) in a newspaper circulating throughout each State and Territory not later than the date the change takes effect.
Notification of other interest changes
64(4)
A credit provider must, not later than 20 days before a change in the manner in which interest is calculated or applied under a credit contract (including a change in or abolition of any interest free period under the contract) takes effect, give to the debtor written notice setting out:
(a) particulars of the change; and
(b) any information required by the regulations.
Criminal penalty: 100 penalty units.
Interest rate reductions
64(5)
Subsections (1) and (4) do not apply to a change that reduces the obligations of the debtor under the credit contract.
Strict liability offences
64(6)
Subsections (1), (2) and (4) are offences of strict liability.
Note:
For strict liability, see section 6.1 of the Criminal Code .
Application
64(7)
This section applies whether or not the change is a change to the terms of the contract.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
